Glenmark Pharmaceuticals has fallen 9% to Rs 524, its 52-week low on BSE in early morning trade after the company reported 78% fall in its consolidated net profit at Rs 1.05 billion for the quarter ended December 2017 (Q3FY18) on sharp decline of US sales, despite growth in domestic formulations as well as other geographies. It had reported a net profit of Rs 4.77 billion for the previous corresponding quarter. The consolidated revenue during the quarter under review declined 13% to Rs 22 billion as against Rs 25 billion in the corresponding quarter of previous fiscal. The analysts on an average had expected profit of Rs 2.34 billion on revenue of Rs 22.5 billion for the quarter. “The financial results are not comparable as we had an exclusivity on Ezetimibe, generic version of Zetia™ in the third quarter of financial year 2017 (Q3FY17).

The sales during the exclusivity period had a significant impact on the EBITDA and PAT for Q3FY17,” Glenmark Pharma said in a statement. “The overall performance was driven by our India, Europe, ROW and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment,” Glenmark Pharma chairman Glenn Saldanha said.